How Web3 is Transforming the Digital World?
What is Web 3? Web3, or the third generation of the internet, envisions a decentralized and user-controlled online ecosystem. Unlike Web2.0, where a few big tech companies control user data, Web3 leverages blockchain technology to decentralize power. This fundamental shift aims to return ownership of data and assets to users, giving them greater autonomy and control over their online activities. In practical terms, Web3 makes use of technologies like blockchain, smart contracts, and tokens. Through these innovations, Web3 is establishing a “trustless” system where intermediaries are no longer needed to validate transactions or verify data ownership. Instead, users can interact and transact directly, securely, and transparently. Key Components of Web3 Decentralization: Web3 operates on a decentralized structure, meaning no single entity has control over data or content. This approach allows for a more open and fair internet. User Ownership: Users retain ownership of their data and d...